Tax and Superannuation Laws Amendment Act (2012 Measures No.1) Act 2012 amends the Taxation Administration Act 1953 to allow the Commissioner of Taxation to hold refunds for verification prior to payment.

The legislation provides the Commissioner with discretion to retain refunds for the period required to undertake checks to verify the correctness of the amount claimed. Certain threshold tests must be met before this discretion can be exercised. The discretion would apply in relation to refunds and payments arising under all taxation laws that the Commissioner administers.

Legislation

• Tax and Superannuation Laws Amendment Act (2012 Measures No.1) Act 2012
• Explanatory Memorandum

Legislation introduced

• Tax and Superannuation Laws Amendment (2012 Measures No.1) Bill 2012
• Explanatory Memorandum

Exposure Draft Legislation

My post on giving my initial thoughts on the exposure draft bill can be accessed here.

• Exposure Draft Bill
• Explanatory Memorandum
• Consultation Summary

Submissions on Exposure Draft

• Alandal Consulting
• BDO
• Corporate Accountants
• CPA Australia
• Dominion Private Clients
• Financial Services Council
• Mills Oakley
• PKF
• Property Council of Australia
• The Institute of Chartered Accountants
• The Tax Institute and Law Council of Australia
• Waverley Council